Toronto's main stock index opened lower on Friday, on fears Greece may not seal a long-awaited bailout deal next week and avoid a messy debt default.
The S&P TSX Composite Index began the day down 26.99 points to 12,458.60
The Canadian dollar lost 0.01 cents to 100.34 U.S. cents
Traders also took in major deal making in the resource sector as Encana Corp. said it is selling its 40% interest in British Colombia gas assets to Japan’s Mitsubishi Corp. for $2.9 billion.
The energy giant also reported its quarterly loss narrowed to $246 million, down from $469 million a year ago.
In earnings news, Enbridge Inc. reported that its adjusted earnings in the fourth quarter were $275 million or 37 cents per share, slightly below analysts' expectations for 39 cents a share, and, as a result, the company is raising its dividend by 15%.
Revenues grew to $5.4 billion from $4.1 billion in the fourth-quarter of 2010 as the company shipped a greater volume across its pipelines.
On the economic front, underlying core inflation -- which excludes volatile items such as some fresh food and gas -- rose to 2.1%, one-10th of a percentage point higher than the Bank of Canada’s target.
Statistics Canada also said its composite leading index increased 0.7% in January, the seventh straight hike in the index, and mostly on the back of manufacturing, housing and services employment.
However, the agency said the number of people receiving regular Employment Insurance benefits edged up by 4,200, or 0.8%, to 544,700 in December.
ON BAYSTREET
The TSX Venture Exchange nicked up 2.88 points to 1,650.99, while the Nasdaq Canada index fell 1.87 points to 418.28
In all, 10 of the 14 Toronto subgroups began the day lower. Gold lost 1%, global base metals were off 0.9% and materials sifted off 0.7%.
The four gainers were led by industrials and energy, each up 0.5%, and utilities, up 0.2%.
ON WALLSTREET
In New York, stocks were mixed Friday, a day after finishing the previous session at multi-year highs. But the moves were minor as investors hesitated ahead of a key vote on a second bailout for Greece.
The Dow Jones Industrials gained 31.71 points to begin the final session before a long weekend at 12,935.80
The S&P 500 added 1.95 points to 1,359.99, while the tech-focused Nasdaq shaved 4.07 points to 2,955.78
Moves in the market could be muted Friday, as investors take a breather going into the long weekend and ahead of Monday's big meeting -- especially with the Dow finishing at its highest level since May 2008 on Thursday, and the Nasdaq at a decade high.
All three indexes are on track to post gains for the week. The Dow is up about 0.8%, while the S&P 500 is on track for a 1.2% gain. The Nasdaq has jumped nearly 2%.
Markets are shuttered Monday for President’s Day.
Applied Materials spiked after the company beat Wall Street's earnings and revenue estimates for the fiscal first quarter and predicted a higher-than-expected second-quarter profit.
Shares of H.J. Heinz moved higher after the company beat earnings estimates, thanks to growth in emerging markets.
Campbell Soup's stock also edged higher after the company's second quarter profit declined but still managed to beat forecasts.
Nordstrom shares were lower after the retailer's issued a disappointing profit forecast for the year.
Baidu, China's top search engine, beat fourth-quarter earnings and sales estimates but shares edged lower as the company issued a disappointing first-quarter revenue outlook.
Gilead Sciences shares tumbled after the drug maker said that the majority of patients involved in experience of a hepatitis C treatment experienced a relapse within four weeks of completing the treatment.
On the economic ledger, the Consumer Price Index rose 0.2% in January, after holding steady the two months prior. Analysts were expecting a rise of 0.3%.
Core inflation -- without the volatile food and energy components -- rose 0.2%, compared to estimates for 0.1% uptick.
The U.S. Conference Board's Leading Economic Indicators index is expected to tick up by 0.5% in January, after increasing by 0.4% in the month prior.
Treasury prices for the 10-year note lost ground, lifting yields to 2.03% from Thursday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil for February delivery gained 89 cents to $103.20 U.S. a barrel.
Gold futures for April delivery rose $3.60 to $1,732.00 U.S. an ounce.
